The concentration of a multitude of service providers renders a high degree of competition in the global cloud based simulation application market, says Transparency Market Research (TMR) in a new report. To stay competitive, key players are striving to differentiate their service offerings and also add innovative functions and technologies to their existing services. In this scenario, partnerships, mergers and acquisitions are the sought after strategies for success that key players are resorting to.
According to the TMR report, the global cloud based simulation application market was pegged at US$3,259.8 mn in 2016. By the end of 2015, the market is projected to be worth US$8,451.5 mn progressing at a healthy 11.4% CAGR during the forecast period between 2017 and 2025. Based on solution, software as a service (SaaS) held the leading share of more than fifty percent in the overall market in 2016.
Equipped with Inbuilt Capabilities, Cloud Based Simulation Application Enhances Process Efficiency
“Simulation software applications are used across a host of industry verticals for various functions,” says a TMR analyst. They are used to provide training, efficient use of available resources, and to predict process outcomes by enhancing process efficiency. Simulation software applications are equipped with inbuilt capabilities to measure, simulate, restructure, and manage risks.
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Due to this, simulation software applications enable users to deliver high quality products with shorter time to market.
The rising demand for industrial automation also accounts as a key growth driver of cloud based simulation application market. The demand for cloud based simulation application has been on the rise from automotive, defense and aerospace, and manufacturing sectors over the last couple of years.
Several companies are investing in simulation technology and its application with the objective of sustainable development which is expected to drive the growth of cloud based simulation application market in the upcoming years. For example, key players such as Dassault Systems, Autodesk, and Siemens PLM Software among others are focused on technological innovation to provide best web based simulation application which is contributing to the market’s growth.